Bears Sharpen Their Claws

While news from Europe and the Fed are dictating short-term market moves, economically sensitive sectors are increasingly breaking down.

With major stock-market swings hinging directly on the latest news about the Greek debt situation or what the Federal Reserve might say or do, stepping out for a sandwich has become an increasingly risky proposition. We've seen more than our share of 2% to 3% intraday moves as volatility remains high.

How the market reacts in the coming days to Wednesday's plan announced by the Fed remains to be seen. But if we strip out the...